Bloomington Urban Enterprise Association

Mission and Activities

The Bloomington Urban Enterprise Association (BUEA) mission is to "provide the means to improve the economic, physical, and social environment for Zone residents and businesses."

Operating in accordance with Indiana State Code Title 5-28-15, the BUEA contributes to economic development efforts in Bloomington's urban core. Over its 25+ year lifespan, the BUEA has spurred millions of dollars in investment that has created or retained thousands of jobs.

Indiana offers a variety of state tax benefits for Zone businesses, investors and residents. Per state code, businesses and investors who claim Zone-related tax benefits must remit a small portion of their savings to the BUEA, which in turn operates a variety of programs and services to further economic development within the zone. Since 2013, zone management has fallen under the auspices of the City of Bloomington's Department of Economic & Sustainable Development (ESD). Find out whether you are located in the zone and eligible to participate in these programs: Enterprise Zone Map

Tax Incentives for Enterprise Zone Businesses

By contributing to economic growth in the area, businesses and non-profit corporations located within the Enterprise Zone are eligible for several state tax benefits.

Enterprise Zone Investment Deduction

Businesses or individuals who make qualified investments within the Bloomington Urban Enterprise Zone are eligible to receive this tax deduction. The deduction is equal to the total assessed value minus the base year assessed value for the qualified investment. The deduction can be claimed for up to ten (10) years.

Qualified investments include the purchase of a building; the purchase of new manufacturing or production equipment; costs associated with the repair, rehabilitation, or modernization of an existing building and related improvements; onsite infrastructure improvements; construction of a new building; and/or costs associated with retooling existing machinery.

Individuals and corporations may lower their state income tax liability by making investments in the Urban Enterprise Zone. These incentives apply to those purchasing an ownership interest in a Zone Business or making a Qualified Loan. Download the Enterprise Zone Loan Interest Tax Credit form.

Employment Expenses deduction

Zone employers can earn tax credits for employing zone residents, based on wages paid to employees who live in the zone and work at least 50% of the time in the zone on a job related at least 90% of the time to the zone facility.

Annual employment expense tax credit is the lesser of a) $1,500 multiplied by the number of qualified employees OR b) 10% of the increase in wages paid to qualified employees in the previous tax year.

Subtract the lesser amount from (a) or (b) above from state tax liability on Form IT-20, and attach Schedule EZ, Part II. Qualified employees must be issued a Form IT-40 QEC (Enterprise Zone Qualified Employee Certificate).

Meetings

Mar20Wednesday

Bloomington Urban Enterprise Association

12:00pm
to 1:30pm

Cityhall McCloskey Conference Room (RM #135)

Apr10Wednesday

Bloomington Urban Enterprise Association

12:00pm
to 1:30pm

Cityhall McCloskey Conference Room (RM #135)

Attachments

Details

Grants available to Enterprise Zone Businesses

Businesses can also participate in a variety of programs to help with capital improvements and training. These include competitive facility improvement loans, historic facade preservation grants, and training and support for entrepreneurial activity.

Historic Facade Preservation Grants

BUEA allocates a limited annual pool of funding to businesses to rehabilitate and preserve historic facades in the Urban Enterprise Zone. Grants are awarded in an amount not to exceed $10,000, and require the applicant to match at least 100% of the grant award. I.E. an applicant would require a $20,000 total facade rehabilitation project cost to be eligible for the full $10,000.

Commercial, non-profit, and industrial properties are eligible for the grant, which may be used only for the costs associated with actual and approved façade rehabilitation and other costs relating to the requirement of various building codes.

Grants are awarded on a rolling basis until annual funds are exhausted.

Applicants are strongly encouraged to consult with Conor Herterich, historic preservation program manager of the City of Bloomington's Housing and Neighborhood Development Department, regarding proposed renovations and application preparation. He can be reached at 812-349-3507 or herteric@bloomington.in.gov

Download the application here. Applications must be submitted by e-mail to Conor Herterich for review along with renderings of the proposed facade renovations.

Business Economic Enhancement Scholarships

Business Economic Enhancement Scholarships help Zone businesses pursue business endeavors in an attempt to further the economic stability of the business.

Applicants must be a Zone business or non-profit which has operated within the zone for at least 12 months

Funds are awarded on a rolling, first-come first-serve basis until exhausted each year.

Scholarship may be used to pay for economic development classes, business workshops, or conference registration fees for the business owner or any employee of the business.

Up to lifetime maximum of $1,200.00 in zone business assistance is available per business, are limited and awarded on a first-come, first-serve basis.

Applications must be received at least one month prior to the start of the class(es)or activity being paid for with the scholarship.

Grants and Incentives for Residents

Grants and incentives to assist residents who live, work, and enhance quality of place in the enterprise zone. These include tax incentives for residents who live and work in the zone, arts grants for zone residents, and a scholarship for those seeking to enhance their own professional development.

Residents who have lived in the Zone for at least 12 months may apply for a scholarship to attend post-secondary classes to further their personal economic independence.

The scholarship has been used to take classes at Indiana University, Ivy Tech Community College and the Small Business Development Center, specialized trade schools such as real estate and cosmetology, and can be applied to any course that advances the applicant's skills as a member of the workforce.

The BUEA will pay for two classes, including textbooks, or up to $600.00 a semester, whichever is less, up to a lifetime maximum of $1,200.00 in educational assistance.

Funds are limited and awarded on a first-come, first-serve basis. Applications must be received at least one month prior to the start of the class(es) being paid for with the scholarship.

Offered in partnership with the Bloomington Entertainment and Arts District, (BEAD), the Zone Arts Grant Program is designed to help support arts activities within the boundaries of the Bloomington Urban Enterprise Zone.

Citizens, artists, teams of artists, local businesses, and non-profit organizations (including neighborhood groups) are eligible to apply for project support that will do one or more of the following for residents and businesses within the Urban Enterprise Zone: facilitate involvement in arts and cultural activities; provide an opportunity to participate in the creative process; advance the quality and availability of the arts in the Zone; or celebrate or enhance the identity of the Zone. Exhibits, concerts, performances, festivals, art markets, art space development and public art (including murals) are all examples of the types of projects eligible for funding through the BUEA and BEAD Zone Arts Grant program.